The resident individuals having foreign income during the AY 2016-17 have to pay tax along with their income in India as per Income Tax Act. The Act also prescribes the conversion of foreign income into Indian rupees for calculating tax by clubbing both the incomes. The conversion is done by adopting the 'telegraphic transfer buying rates' notified by the State Bank of India from time to time.

2. The 'telegraphic transfer buying rate' in relation to a foreign currency means the rate adopted by the State Bank of India for buying such Currency, where such Currency is made available to that bank through a telegraphic transfer.

3. These rates can be obtained from the Foreign Exchange Branch of SBI. The bank however charges Rs 250 per entry for furnishing the exchange rates.

4. I have obtained the exchange rates of all notable currencies from SBI from May 2015 to Feb 2016, for the purpose of conversion of foreign currency into Indian Rupee for tax purposes. I am glad to furnish the conversion rate of US dollar into Indian Rupee for information of our esteemed members of this forum:-

Incidentally, I may add that the rate quoted by the Hindu Business Line is not acceptable to the AO even if the rate may be correct. The Income Tax Act specifically provides conversion rate as adopted by the SBI. To be on safe side, pl get the conversion rate from any foreign exchange branch of the SBI duly certified for converting FE into INR.

The resident individuals having foreign income during the AY 2016-17 have to pay tax along with their income in India as per Income Tax Act. The Act also prescribes the conversion of foreign income into Indian rupees for calculating tax by clubbing both the incomes. The conversion is done by adopting the 'telegraphic transfer buying rates' notified by the State Bank of India from time to time.

2. The 'telegraphic transfer buying rate' in relation to a foreign currency means the rate adopted by the State Bank of India for buying such Currency, where such Currency is made available to that bank through a telegraphic transfer.

3. These rates can be obtained from the Foreign Exchange Branch of SBI. The bank however charges Rs 250 per entry for furnishing the exchange rates.

4. I have obtained the exchange rates of all notable currencies from SBI from May 2015 to Feb 2016, for the purpose of conversion of foreign currency into Indian Rupee for tax purposes. I am glad to furnish the conversion rate of US dollar into Indian Rupee for information of our esteemed members of this forum:-

The resident individuals having foreign income during the AY 2016-17 have to pay tax along with their income in India as per Income Tax Act. The Act also prescribes the conversion of foreign income into Indian rupees for calculating tax by clubbing both the incomes. The conversion is done by adopting the 'telegraphic transfer buying rates' notified by the State Bank of India from time to time.

2. The 'telegraphic transfer buying rate' in relation to a foreign currency means the rate adopted by the State Bank of India for buying such Currency, where such Currency is made available to that bank through a telegraphic transfer.

3. These rates can be obtained from the Foreign Exchange Branch of SBI. The bank however charges Rs 250 per entry for furnishing the exchange rates.

4. I have obtained the exchange rates of all notable currencies from SBI from May 2015 to Feb 2016, for the purpose of conversion of foreign currency into Indian Rupee for tax purposes. I am glad to furnish the conversion rate of US dollar into Indian Rupee for information of our esteemed members of this forum:-